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O'Reilly announces record revenues, earnings ... again

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O'Reilly Automotive Inc. announced record revenues and earnings for the second quarter and first half of 1998. This represents the 21st consecutive quarter of record revenues and earnings for O'Reilly since becoming a public company in April of 1993, according to a news release from O'Reilly.

Included in the first half of 1998 are five months of operations from Hi-Lo Automotive Inc., which was acquired by O'Reilly effective Jan. 31, 1998.

For the three months ended June 30, 1998, net income totaled $7.7 million, up 26.1 percent from $6.1 million a year ago. Earnings per common share (diluted) for the quarter increased 20.7 percent to 35 cents on 21.7 million shares vs. 29 cents a year ago on 21.2 million shares, the release stated.

Product sales for the second quarter increased to $165.2 million from $82.4 million for the same period in the prior year, representing an increase of 100.4 percent. Gross profit for the second quarter of 1998 totaled $283.5 million, up 87.9 percent from $150.9 million in the previous year.

Comparable store product sales for the O'Reilly stores for the second quarter of 1998 and the first half of 1998 increased by 8.6 percent and 6.1 percent, respectively. The Hi-Lo stores' comparable store product sales increased by 2.9 percent and 1.7 percent for the second quarter of 1998 and first half of 1998, respectively.

This resulted in a total comparable store product sales increase of 6 percent for the three months ended June 30, 1998, and 4.1 percent for the first half of 1998. Comparable store product sales are calculated based on the change in product sales of only those O'Reilly and Hi-Lo stores open during both full periods being compared, the release stated.

In addition to the acquisition of the Hi-Lo stores, O'Reilly opened 21 new stores in the first half of 1998. O'Reilly plans to open an additional 29 stores in 1998 and 80 stores in 1999.

The Oklahoma City distribution center expansion is now complete and, in early 1999, O'Reilly will open its

fifth distribution center in Des Moines, Iowa.

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